Latest Search
Quote
| Back Zoom + Zoom - | ||||
|
UBS Angus Chan Maintains HSI End-2024 Target at 20,600
Recommend 20 Positive 29 Negative 14 |
||||
|
||||
|
Angus Chan, Hong Kong Strategist at UBS Investment Bank, said the recent rebound in Hong Kong stocks was mainly due to the recent correction in the MSCI Global Index, which prompted institutional investors to shift their funds into Hong Kong stocks as a "safe haven". The recent rally in Hong Kong stocks is primarily driven by global long-only funds reallocating capital from markets with higher valuations to the more modestly priced Hong Kong stock market. UBS believed that average daily turnover can be maintained at a level of about HK$150 billion. The broker maintained its HSI target of 20,600 by end-2024, which equates to further upside potential of 10-15%. According to Chan, while there have been no significant improvements in macroeconomic conditions recently, the consumer sector has shown signs of bottoming out, with potential upside from further policy support in the property sector. In addition, several positive policy measures for Hong Kong stocks were introduced earlier, and many companies have increased dividends and repurchases. These are all positive drivers for Hong Kong stocks. Investors' preferences are quite evident - they favour large enterprises and stocks with higher liquidity, particularly in the internet and insurance sectors. However, to retain capital in the Hong Kong stock market sustainably, more fundamental drivers are needed, such as improvements in the mainland and Hong Kong economies, or a decline in US interest rates, Chan commented. AAStocks Financial News |
||||
Copied to Clipboard
 |
||||
